Apparently, a relative bought mineral rights to property located in the area mentioned in the title this relative died a few years back but we were contacted by a company that wants to buy the rights? Any information of help as to the best way to proceed would be appreciated!
You need to hire a lawyer to help with your situation.
@TODD_M_Baker you are recommending he hire an attorney for possible NM probate matters?
I suggest he first attempt to identify through county and family records what the relative owned. Perhaps the company wanting to buy can provide some details – doesn’t hurt to ask.
I’m old school. “Hire a lawyer” has its place in the world, but for most general mineral issues it probably would come after “set some money on fire in the yard” and definitely after “talk to a landman” on these things. For me. Apologies to the lawyers out there, and to Mr. Baker who seems a reputable poster. 
There are two state leases in Sec 16. V-6949 and V-6948. Both 320 acres, both from 2003. So somebody would have bought the leases from the state and then eventually sold them to Chevron. And kept an override. Most likely. This being relatively new state leases I would guess a landman could pretty easily get your sorted out in an hour or two using online info from Lea Cty courthouse. It should be pretty clean.
Either way, I would start with asking the company that contacted you:
What do you think that I own?
% ORRI in what lease?
How many NRA?
What are you offering me per NRA?
None of that means you need to make any agreement with them, and I definitely wouldn’t right off the bat, but that is the framework to understand what you might own and what people might pay.
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